Apollo and Belstar to Form Private Credit Joint Venture in Korea
August 04 2022 - 6:00PM
Apollo (NYSE: APO) and Belstar Group announced they have agreed to
establish a 50/50 joint venture in Korea to provide a wide range of
private credit solutions, bringing together the capabilities of
Apollo’s global credit platform with Belstar’s longstanding
expertise in investing and partnering with corporates and
institutions in Korea.
The joint venture intends to provide large
corporations, mid-sized enterprises and sponsors in Korea with
asset-backed capital solutions, corporate lending and acquisition
financing. In providing private lending solutions, in addition to
the traditional financing sources in place today, the joint venture
will look to address a liquidity gap borrowers face in the market.
The joint venture is a strategic extension of Apollo’s credit
investment franchise in the Asia Pacific region and will support
Apollo’s recently established Asia Pacific Credit Strategy. The
investment program in Korea will be anchored by Apollo’s funds and
its internal and affiliated insurance balance sheets, focusing on
providing flexible and differentiated capital across the yield and
duration spectrums.
Matt Michelini, Partner and Head of Asia Pacific
at Apollo, commented, “We have been exploring the market
opportunity in Korea with a heightened degree of interest for
several years, and are delighted to partner with Belstar to address
the market need for alternative forms of liquidity and credit in
Korea. We are optimistic this joint venture will serve as a
starting point for Apollo's long-term presence in Korea.”
“Together with Apollo, we are helping Korea
transition from a primarily bank-financed market to a market with
alternative sources of credit enabled by the 2021 amendments to the
Capital Markets Act,” said Daniel Yun, Chairman and Managing
Partner of Belstar. “We are pleased to partner with Apollo and
deliver their leading credit expertise to further develop the
capital markets in Korea.”
Apollo has more than $10 billion1 of assets
under management invested in the Asia Pacific region and a growing
team of nearly 60 investment professionals. Last year, Apollo
appointed Partner Matt Michelini as Head of Asia Pacific, now based
in Singapore, and Partner Anthony Hermann as Head of Asia Pacific
Credit, among other key additions. Globally, Apollo has
approximately $376 billion of yield assets under management and
total assets under management of approximately $515 billion, as of
June 30, 2022.
Belstar is a credit-oriented alternative
investment manager, primarily investing on behalf of institutional
investors based in Korea, with a 15-year track record in global
corporate and structured credit markets. Belstar has a unique
history of delivering advanced investment propositions,
including establishing one of the first foreign funds to
register with the Financial Supervisory Services of Korea.
About ApolloApollo is a
high-growth, global alternative asset manager. In our asset
management business, we seek to provide our clients excess return
at every point along the risk-reward spectrum from investment grade
to private equity with a focus on three investing strategies:
yield, hybrid, and equity. For more than three decades, our
investing expertise across our fully integrated platform has served
the financial return needs of our clients and provided businesses
with innovative capital solutions for growth. Through Athene, our
retirement services business, we specialize in helping clients
achieve financial security by providing a suite of retirement
savings products and acting as a solutions provider to
institutions. Our patient, creative, and knowledgeable approach to
investing aligns our clients, businesses we invest in, our
employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of June 30, 2022, Apollo had
approximately $515 billion of assets under management. To learn
more, please visit www.apollo.com.
About Belstar GroupSince 1998,
Belstar and EMP Belstar have specialized in credit and private
equity investments. Belstar Management Company is an SEC registered
Investment Advisor. Currently, Belstar has over $2 billion in
assets under management. Historically, Belstar has raised and
invested over $4 billion of credit-dedicated capital. Belstar’s
corporate offices are located in New York, Seoul, and Singapore. To
learn more, please visit www.empbelstar.com.
Apollo ContactsNoah GunnGlobal
Head of Investor RelationsApollo Global Management, Inc.(212)
822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate
CommunicationsApollo Global Management, Inc.(212)
822-0491Communications@apollo.com
1 APAC-based assets as of 3/31/22 with pro forma inclusion of
commitment to Mumbai International Airport Ltd.
Apollo Global Management (NYSE:APO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Apollo Global Management (NYSE:APO)
Historical Stock Chart
From Sep 2023 to Sep 2024